your clients may qualify for.
As an example, the United States government started the VA loan program in 1944 to help returning service members get mortgages without them needing to have a perfect credit or enough money in the bank for a down payment. If you know your client is a member of any military faction, chances are good they can get assistance through a VA loan. Armed with that knowledge, you can let the loan officer know that pursuing a VA loan is likely in the buyer’s best interest, and that can help the loan officer give an accurate pre-approval letter. So you see how helpful it can be to know about the different programs, even if only in passing! If you skip ahead, you’ll learn more about the different available loan programs.
YOUR RED FLAG ALERTER
There are a lot of red flags that can potentially come up during the lending process, and a good lender will notice them — and alert you. They stay on top of their files and review items as they come in and not as they are needed. That way, they are going to see items that may be an issue (a red flag) with underwriting. If these issues are not identified early on and your lender keeps telling you everything is right on track without specifics, your loan could be held up in the underwriting phase. That puts you behind schedule, pushes back your closing date, and generally makes everyone involved unhappy. It would be impossible to list every potential red flag you or your loan officer might come across with any given loan. However, it’s important that you know the most important red flags, which the list below assembles.
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